2019香港企业管治调查报告.pdf

Hong Kong Corporate Governance Review 2019 The new board game: a focus on effectiveness 董事會的新任務：致力提升效力 Leadership Risk Advisory 香港企業管治調查報告2019Hong Kong Corporate Governance Review 2019 1 Contents 目錄 Introduction 簡介 Corporate Governance Review 2019 Highlights 2企業管治調查報告2019摘要 Foreword 前言 4 Executive Summary 總結 6 Methodology 方法 10 Compliance with the Code 守則遵守情況 12 Board Effectiveness 董事會的效率 17 Board Diversity 董事會的多元化 18 New Requirements of the Revised CG Code 27 經修訂企業管治守則的新規定 Risk Management and Internal Control 風險管理及內部監控 37 Key Risks Identified by the Company 公司識別的主要風險 Changes in Risk 風險的變化 Risk Appetite 風險偏好 Main Features of the Risk Management and Internal Control Systems風險管理及內部監控系統的主要特點 Mitigation Measures Associated with Key Risks 與主要風險有關的緩解措施 Internal Audit Function 內部審核職能 Separate Risk Committee 獨立風險委員會 Environmental, Social and Governance 環境、社會及管治 49 ESG Working Group 環境、社會及管治工作小組 51 Reporting Principles 匯報原則 52 Assurance 保證 55 Information Technology 資訊科技 57 IT System 資訊科技系統 59 IT Security 資訊科技安全 62 Recent Developments 最新發展 66 Forward Looking 展望未來 69 About Grant Thornton 致同簡介 71 Section 章節 Page 頁數 40 43 44 45 46 47 482 Hong Kong Corporate Governance Review 2019 Corporate Governance Review 2019 Highlights 企業管治調查報告2019摘要 50% 50% of HSCI constituents declared full compliance with the Code while 89% claimed they nearly met all except for one to two deviations from the code provisions. 11% 11% of women on HSCI boards. 56% 56% of the disclosed professional qualifications obtained by the directors in HSCI constituents was accounting. 15% 15% of HSCI constituents disclosed that their chairman at least annually held meetings with the INEDs without the presence of other directors. 71% 71% of HSCI constituents disclosed their key risks. 7% 7% of HSCI constituents disclosed their risk appetite. 36% 36% of HSCI constituents disclosed that they had established a dedicated team for ESG reporting. 17% 17% of HSCI constituents disclosed that their ESG reports received assurance from independent third party. 30% 30% of HSCI constituents disclosed that they had improved their IT systems. 12% 12% of HSCI constituents disclosed that they had improved their IT security.簡介Introduction Hong Kong Corporate Governance Review 2019 3 50% 50%的恒生綜合指數成分股公司聲稱完 全遵守守則，而89%的恒生綜合指 數成分股公司聲稱其幾乎遵守所有規 定，僅有一兩項偏離守則條文的行 為。 11% 恒生綜合指數董事會中，11%的成員為 女性。 56% 恒生綜合指數成分股公司董事披露在已 取得的專業資格中，有56%為會計。 15% 15%的恒生綜合指數成分股公司披露， 其主席至少每年與獨立非執行董事舉行 一次沒有其他董事出席的會議。 71% 71%的恒生綜合指數成份股公司披露其 主要風險。 7% 7%的恒生綜合指數成份股公司披露其風 險偏好。 36% 36%的恒生綜合指數成分股公司披露其 已成立環境、社會及管治報告工作 小組。 17% 17%的恒生綜合指數成分股公司聲稱其 環境、社會及管治報告已獲得獨立第三 方的保證。 30% 30%的恒生綜合指數成分股公司披露其 已改善其資訊科技系統。 12% 12%的恒生綜合指數成分股公司披露其 已提升資訊科技安全。4 Hong Kong Corporate Governance Review 2019 Grant Thornton Hong Kong is delighted to present the results of our eighth annual corporate governance review. We believe effective board of directors and their commitment would be the key driver of good corporate governance in achieving sustainable business operation and enhancing shareholder value. Foreword 前言 Good corporate governance (“CG”) relies heavily on the board of directors, who are responsible for establishing corporate policies and set strategic directions to ensure that the effective risk management and internal control systems are in place. As a result, effective board serve as a key driver of good corporate governance practices and procedures. Therefore, we studied the factors that may affects the board effectiveness such as gender , age, length of service and education background. Additionally, we assessed the levels of mandatory and voluntary risk management and internal control disclosures in 470 Hang Seng Composite Index companies (“HSCI constituents”) annual reports with reference to the “Risk and viability reporting” published by the Financial Reporting Council in 2017. In order to provide possible suggestions to Hong Kong listed companies for improving their Environmental, Social and Corporate Governance (“ESG”) disclosure, we analysed ESG disclosures with respect to the “Step-by-step guide to ESG reporting”, which was published by the HKEx in November 2018. Besides, under this technology-driven market, application of new technologies creates new business opportunities but there are also many possible pitfalls. Hence, we took a closer look at the HSCI constituents disclosure regarding information technology (“IT”) systems and IT security for this year . Investors see the annual reports and ESG reports as reliable sources of information to understand the companys structure as well as its policies and performance with respect to environmental and ethical standards. Detailed disclosures in their annual reports and ESG reports could help attract capital and maintain investors confidence in capital markets. An effective board of directors, coupled with a sustainability mindset, provide the foundation for driving strong corporate governance and sustainable business practices. I desire the result of this survey would provide a useful and practical tip for listed companies to enhance their board effectiveness and maintain high standards of corporate governance disclosures. Eugene Ha Deputy Managing Partner簡介Introduction Hong Kong Corporate Governance Review 2019 5 致同香港欣然提呈第八次年度企業管治調查的結 果。為實現可持續業務經營及提高股東價值，我們 相信，有效的董事會及其投入是良好企業管治的關 鍵驅動因素。 良好的企業管治在相當大的程度上倚賴董事會。董事會負責制 定公司政策並制定戰略方向，以確保設立有效的風險管理及內 部監控系統。由此可見，有效的董事會是良好企業管治常規及 程序的關鍵驅動因素。因此，我們研究了可能影響董事會效率 的因素，例如性別、年齡、任職年期及教育背景。 此外，我們亦已參考財務匯報局於2017年發佈的風險與生存 力報告，評估了恒生綜合指數成分股公司年度報告中的強制 性及自願性風險管理及內部監控披露水平。為向香港上市公司 就改善環境、社會及管治披露提供可能的建議，我們參考了聯 交所於2018年11月發佈的環境、社會及管治匯報指南， 以分拆公司的環境、社會及管治披露。此外，在這個技術驅動 的市場下，應用新技術創造新的商機，但亦存在諸多潛在的危 機。因此，我們仔細研究了恒生綜合指數成分股公司在今年的 資訊科技系統及資訊科技安全方面所作出的披露。 為實現可持續業務經營及提高股東價值，我們相信，有效的董 事會及其投入是良好企業管治的關鍵驅動因素。 投資者視年度報告及環境、社會及管治報告為可靠的信息來 源，以藉此了解公司的結構及有關環境和道德標準的政策及績 效。其年度報告及環境、社會及管治報告中的詳細披露有助吸 引資本並保持投資者對資本市場的信心。 卓有成效的董事會，加上可持續發展的理念，為推動強有力的 企業管治及可持續業務的基礎。我希望本次調查的結果能夠為 上市公司提供有用且實際的建議，以提高其董事會的效率並保 持高水準的企業管治披露。 夏其才 副管理合夥人6 Hong Kong Corporate Governance Review 2019 Executive Summary 總結 Corporate governance is now widely established as a measure of how well companies are run. The importance of corporate governance in todays progressive and turbulent business environment cannot be overlooked. With so much attention focusing on the business practice, its time to ask: Any way we could go further on enhancing the corporate governance? Any role we could play to promote our corporate governance with an aim to strengthen the connection with the shareholders and investors? Board Effectiveness Board of directors plays an essential role not only to drive the business performance but also serves as the key driver to address corporate issues and promote good corporate governance. We believe that board diversity can enhance decision-making capabilities and thus the overall effectiveness of the Board. In our study, we explored HSCI constituents prevalence level of early adoption in relation to the new requirements of the revised Corporate Governance Code (“the Code”). Also, we assessed on the HSCI constituents board diversity by reviewing their disclosure on their boards composition in terms of the following six aspects: gender , length of service, types of directors, qualifications and education background. Although notable progress has been made towards greater board diversity compared to past 10 years, Hong Kong is still playing catch-up in the race and moderately lag behind global counterparts. Regarding the prevalence level of early adoption of the new requirements of the revised CG Code, more than 95% of HSCI constituents established diversity policy; however , less than 10% of HSCI constituents disclosed the process used for selecting INEDs. Furthermore, only 11% of analyzed companies illustrated the board matrix summarizing skills and qualifications in their annual reports. Risk Management and Internal Control Risk management and internal control systems are the fundamental and vital element which can be used effectively to strengthen the corporate governance frameworks. Disclosing risk related information in annual reports could help the investors understand the companies effectiveness on risk and internal controls when making investment decisions. This year we examined the level of HSCI constituents risk management 企業管治現已廣泛被認為是衡量公司的經營狀況的指標。在當 今瞬息萬變的營商環境中，企業管治的重要性不容忽視。鑒於 商業實踐已成為關注重點，我們有必要了解：我們如何進一步 加強企業管治？為加強與股東及投資者之間的聯繫，我們可扮 演甚麼角色來促進企業管治？ 董事會的效率 董事會不僅在推動業務績效方面起著至關重要的作用，同時亦 是解決企業問題及促進良好企業管治的關鍵驅動因素。我們 認為，董事會的多元化有助提升決策能力，從而提高董事會的 整體效率。在我們的研究中，我們探討了恒生綜合指數成分 股公司提早採納企業管治守則（守則）新要求的普遍 程度。我們亦從性別、任職年期、董事類型、資格及教育背景 等六個方面對恒生綜合指數成分股公司董事會的多元化進行評 估。 儘管相比過去十年，香港在董事會在多元化方面取得顯著進 展，但仍稍微落後於世界其他地方，並處於追趕階段。關於提 早採納經修訂企業管治守則新要求的普遍程度，超過95% 的恒生綜合指數成分股公司制定多元化政策；然而，不足10% 的恒生綜合指數成分股公司披露遴選獨立非執行董事的流程。 此外，只有11%的被分析公司在其年度報告中列出概述技巧及 資格的董事會矩陣。 風險管理及內部監控 風險管理及內部監控系統是加強企業管治框架的基本要素。在 年度報告中披露風險相關資訊，能有助投資者在作出投資決策 時了解公司在風險及內部監控方面的效率。今年，我們參考 風險及生存力報告，研究恒生綜合指數成分股公司的風險 管理及內部監控披露水平。這份由財務匯報局於2017年發佈的 報告概述200多名散戶及機構投資者的觀點。簡介Introduction Hong Kong Corporate Governance Review 2019 7 and internal control disclosures with reference to the report “Risk and viability reporting”, which summarised views of more than 200 retail and institutional investors, published by the Financial Reporting Council in 2017. It is encouraging to see that 99% of the companies disclosed that they had an internal audit function in 2018. Also, a majority of the analyzed HSCI constituents (89%) disclosed their main features of risk management and internal control systems in annual reports, while 71% disclosed their material risks and 67% disclosed the mitigation measures for addressing those risks. Further to this, the top principle risks faced by HSCI constituents were market risk (84%) and financial risk (72%), followed by operational risk (61%) and regulatory reasons why newly appointed independent non- executive directors are considered independent; risk appetite; the changing landscape of key risks; the process of materiality assessment; materiality matrix; methodology used for preparing the ESG report; IT system improvement plan; and the IT security measures adopted; With the digital world changing today faster than ever before, listed companies should consider to provide more technology related trainings to the directors. 3 We selected nine technologies to examine the trend of new technologies: Mobile, Artificial Intelligence, Cloud Computing, Internet of Things, Digital Transformation, Blockchain, Fintech, Chatbot and Robotic Process Automation. 資訊科技 新技術已成為企業的核心。數碼轉型可以促進業務增長，但同 時亦會帶來新的威脅及技術風險。無法有效管理技術風險會對 公司的發展造成障礙。我們認為，資訊科技治理將在不久的將 來成為企業管治的另一個重要元素。有鑑於此，我們亦研究了 關於在資訊科技系統及安全方面的最新發展的資訊科技相關披 露。 30%的恒生綜合指數成分股公司聲稱，其已提升資訊科技系 統 。 在九項選定的新技術中 3 ，移動、人工智能、雲端運算、物聯 網及數碼轉型成為最常提及的主題，提及率分別為33%、26%、 20%、20%及14%。至於資訊科技安全方面，僅有12%的恒生綜 合指數成分股公司披露其已提升資訊科技安全。就行業安全標 準而言，恒生綜合指數成分股公司中僅6%及4%的公司披露其資 訊科技實施分別符合通用數據保障條例及I SO 27001。 展望未來，香港上市公司可採取甚麼措施改善企業管治？儘管 與其他發達國家相比，香港的企業管治要求的嚴格程度相對較 低，但我們鼓勵香港上市公司採取進一步措施，例如向利益相 關者披露其已參照聯交所的指引及國際標準行事。例如， 鼓勵香港上市公司委任更多的女性及年輕董事，增加董事會 成員的多元化。 此外，公司應建立一個環境、社會及管治工作小組執行各種 任務，例如內部和外部重要性評估，並可能考慮尋求獨立審 計以增強其環境、社會及管治披露的可信度。 香港上市公司應考慮在其年度或環境、社會及管治報告中納 入以下資料： 董事會技巧矩陣； 新委任的獨立非執行董事被視為獨立人士的原因； 風險偏好； 主要風險的變化； 重要性評估流程； 重要性矩陣； 用於編製環境、社會及管治報告的方法； 資訊科技系統完善計劃；及 採取的資訊科技安全措施； 當今數碼世界比以往變化更快，上市公司應考慮為董事提供 更多與技術相關的培訓。 3 我們選定九項技術：移動、人工智能、雲端運算、物聯網、數碼轉型、區塊 鏈、金融科技、聊天機器人及機器人流程自動化 ，以研究新技術的趨勢。